topic Re: Members be careful juggling too many cards in Credit Cards

Members be careful juggling too many cards

JayRizzo — Thu, 12 May 2011 06:15:11 GMT

Uh oh! I've seen a couple of late payment postings, so members will have to set reminder notices via text message or email to make sure those credit card payments are made in plenty of time. For those who are juggling too many cards, be very careful!!! It may appear Fun and Dandy while reading posts from members with a zillion (exaggerating) cards, but keep in mind that they have a system in place to stay on top of things either a spreadsheet and/or reminders. Plus, it can be a pain in the side over time trying to keep up between working, family, and everyday living.

Just be careful. We don't want to see any members getting dinged on their reports.

Re: Members be careful juggling too many cards

Lel — Thu, 12 May 2011 07:24:53 GMT

+1. Also, I would suggest making use of the automatic payment option that many cards offer.

Re: Members be careful juggling too many cards

tbolt2 — Thu, 12 May 2011 11:33:39 GMT

Amen to that....

Another thing I am doing in addition to email, text msg reminders and a spreadsheet...paying a little over half the minimum payment each week for those cards that I carry a balance on. I kamikaze'd my credit 8 years ago. NOT gonna let anything bad happen again...ever, if I can help it. Yeah, I'm probably overcompensating, but getting married within the last year and having a 6 year old stepson does funny things to your sense of responsibility

Re: Members be careful juggling too many cards

mberry117 — Thu, 12 May 2011 15:29:27 GMT

I have always had a spreadsheet set up for my cards with my limits, current amount due, due date and their minimum amount for payment.

I also put on their my log in name and password - just to make sure I have everything in one place. I usually do my bill paying on the same day of every month. I check and update the amounts owed, and for what day I have set up my payment for.

It might be a pain but it works for me.

Re: Members be careful juggling too many cards

tntexans72 — Thu, 12 May 2011 15:40:16 GMT

I agree, most online banks will allow you to setup a payment plan for your bills so you don't missed any payments. Also, like OP have posted, you can at least setup the minimum payment for auto-draft so you are always on-time in terms of payment. It's a small price to pay so the negatives don't go on your report. In the end, it's pretty common sense and our responsibility to use CCs wisely.

Re: Members be careful juggling too many cards

smc733 — Thu, 12 May 2011 15:59:57 GMT

The real question is, why use so many?

Even if you have a lot, it isn't good to use them all every month, I only use my favorites, I build up rewards better this way, I can track my spending better this way, and it's easier to manage.

Sure, I may miss out where I could get extra rewards on a purchase here or there, but rewards are just a nice perk to have, not something I really need to horde, in other words, I don't have cards for rewards, they're just nice.

Re: Members be careful juggling too many cards

Lel — Thu, 12 May 2011 16:13:59 GMT

@smc733 wrote:
The real question is, why use so many?

For me, one reason is because I had cards closed and CLs slashed because of inactivity. I tried the rotating cards strategy - use a couple cards for a few months, then put them on ice and move on to another set of cards, and so on. However, I found this to be more cumbersome that keeping activity on all of them, mainly because I have a lot of things that get automatically paid with credit card (phone, cell, Netflix, utilities, earthquake insurance, etc.). Whenever it was time to switch cards, I'd have to go through and change the CC number for all these accounts. This was always too much hassle, so instead I allow a little bit of activity to show on each card every month - a different card for each bill. Yes, I get dinged a bit for having too many accounts with balances, but whenever there's a need to apply for new credit, I pull several cards out of circulation or PIF in advance of the statement date.

Re: Members be careful juggling too many cards

Anonymous — Thu, 12 May 2011 16:51:56 GMT

Excellent reminder!

Definitely leverage automatic bill pay, eBill reminders & autopayments, the calendar and alarm features on our smartphones, spreadsheets, whatever it takes to remind you to pay, and pay on time!

And, don't forget to not get complacent about auto payments. Glitches happen, and banks are not our friends. Check to make certain that your payments have been processed and credited.

Re: Members be careful juggling too many cards

Anonymous — Thu, 12 May 2011 16:55:13 GMT

I pay the minimim payment immediately after the statement closes. Then I usually PIF by due date.

I keep track in a spreadsheet.

Very little risk of forgetting and getting a late.

Re: Members be careful juggling too many cards

Lel — Thu, 12 May 2011 17:09:04 GMT

@Anonymous wrote:

And, don't forget to not get complacent about auto payments. Glitches happen, and banks are not our friends. Check to make certain that your payments have been processed and credited.

Absotively. I've been on the wrong end of this before (not that there is such a thing as the right end ).

Re: Members be careful juggling too many cards

Imhotrodcrazy — Thu, 12 May 2011 17:44:07 GMT

That's why this old man only juggles "one" card.

Re: Members be careful juggling too many cards

athensguy — Thu, 12 May 2011 18:35:38 GMT

I'm silly, so I prepay all my cards except one.

Re: Members be careful juggling too many cards

JayRizzo — Thu, 12 May 2011 21:48:21 GMT

athensguy, I do the same thing... prepay my daily-use credit card by always keeping a credit balance so far above and beyond, that I never have to sweat bullets around statement time.

Re: Members be careful juggling too many cards

Anonymous — Thu, 12 May 2011 21:54:38 GMT

I pay each of my cards on Sunday for the previous weeks use. This seems to work really well for me and keeps me in order on my spending. If it is not in the budget, it does not get spent!

Ray

Re: Members be careful juggling too many cards

DI — Thu, 12 May 2011 22:15:52 GMT

I juggle 9 credit cards. At one point, I was juggling 11. I don't falter because I know better to not use all 9 cards in one month. I use 1-2 cards each month at a time. I do not use other cards until the cards I've used are paid in full.

Re: Members be careful juggling too many cards

meka1984 — Thu, 12 May 2011 22:25:21 GMT

I agree with DI. You have a great system in place

Some can juggle their fair share of cards. It's all about discipline.

Re: Members be careful juggling too many cards

haulingthescoreup — Fri, 13 May 2011 01:09:59 GMT

Another option, which most CCC's will let you do:

Set half your cards to one due date, and the other half to another.

So if you know that a bunch of somethings are due on the 3rd, and another bunch of somethings are due on the 17th, that will help you focus on what's what. If there are just a couple of cards that get most use, set one for one date and the other for the other, so you're not hammered.

That approach doesn't work for me, alas. So I bookmark all my CC accounts (Favorites for you IE users), and I order them by date. (I go by statement date, but this works for due dates, too.) Every time I log on my laptop, I click the Bookmarks tab and check the list, comparing it to that day's date. It's a handy way of keeping track.

You just have to find what works for you. Everyone's brain is wired differently.

Re: Members be careful juggling too many cards

scottwagnon — Fri, 13 May 2011 04:25:23 GMT

oh man oh man. i have OUT DONE ALL OF YOUs. since november of 2010 i have consistently maintained (juggled) 11 to 13 out of my 15 total cards. and YES, i use ALL OF THEM EVERY MONTH. except my sony and bealls card ( used that a month ago, and only plan on using these accounts only 2 times a year. sony(crutchfield) i might not use that again for a year; just long enough for it not to close.

currently i juggle all ten of my major cards.

my home depot card gets charged only once a month by citimonitor and paid once a month.

freedom to ride cc gets maintained once a month or more.

rcwilley only once a month.

my main rule is to attack instinctively and play it by ear. i am ALWAYS EYEBALLING IT. i always check on each plant i have growing at least once or twice a week, and analyze and determine what i next step is. im ALWAYS tweeking my so i stay in balance.

i probably make 25 to 35 separate payments every month. since i push ALL of my finances through credit; that way i streamline the whole process.

it might not look good to a lender as you are doing it, but after a couple of years of demonstrating this; any lender ought to find this pattern of reponsibility and ability to manage outstanding.

Re: Members be careful juggling too many cards

scottwagnon — Fri, 13 May 2011 04:29:05 GMT

and i am 100% online about everything too. i NEVER GET PAPER except for PRE APPROVALS!

Re: Members be careful juggling too many cards

scottwagnon — Fri, 13 May 2011 04:32:53 GMT

i feel like im the only night owl on this site. weird feeling.